Examples of Guaranteed Maximum Price (GMP) in a sentence
Preconstruction Services: The CM will work cooperatively with the Contracting Authority and/or Owner, A/E, and Project Team, and will provide, among other services, schedule development, estimate development, Guaranteed Maximum Price (GMP) proposal, subcontractor prequalification and bidding, constructability review, permits, budgeting, value engineering, and preconstruction planning throughout the preconstruction stages.
For Contracts based on a Guaranteed Maximum Price (GMP), the Construction Manager-at-Risk or Design Builder shall NOT be entitled to a percentage mark- up on any Change Order Work unless the Change Order increases the Guaranteed Maximum Price.
No payment made hereunder shall be or be construed to be final acceptance or approval of that portion of the Work to which such partial payment relates or shall relieve Contractor of any of its obligations hereunder.E.2.9 Contractor shall submit its initial MWESB Report within ten(10) Days of Contractor’s execution of the Contract, or if there will be a Guaranteed Maximum Price (GMP) Amendment, then within ten (10) Days of Contractor’s execution of the GMP Amendment.
The contract format will be an Actual Cost plus a Fixed Fee not to exceed the Guaranteed Maximum Price (GMP) Agreement.
For Contracts based on a Guaranteed Maximum Price (GMP), the Construction Manager-at-Risk or Design Builder shall NOT be entitled to a percentage mark-up on any Change Order Work unless the Change Order increases the Guaranteed Maximum Price.